Gold price (XAU/USD) attracted dip-buyers in Asia on Wednesday, stalling its retreat from the $3,500 peak hit the day before. The attempted US Dollar (USD) recovery from a multi-year low faltered amid the weakening confidence in the US economy on the back of US President Donald Trump's back-and-forth tariff announcements. Apart from this, the prospects for more aggressive policy easing by the Federal Reserve (Fed) prompt some intraday USD selling and turn out to be a key factor that helps revive demand for the non-yielding yellow metal.
Meanwhile, Trump administration officials hinted at a potential de-escalation of the ongoing tariff dispute with China and fueled optimism about a trade deal. Adding to this Trump stepped back from his threats to dismiss Federal Reserve (Fed) Chair Jerome Powell. Furthermore, Russian President Vladimir Putin indicated he is open to the prospect of direct talks with his Ukrainian counterpart Volodymyr Zelenskyy, raising hopes for a ceasefire and further boosting investors' appetite for riskier assets. This is evident from a sharp recovery across the global equity markets, which, in turn, is holding back traders from placing fresh bullish bets around the safe-haven Gold price.
source: fxstreet
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